Wolters Kluwer Financial Services Helps Lenders Inform and Educate Customers on Features and Terms of Nontraditional Mortgages
Company Adds Interest-Only and Payment Option ARM Booklets to Its Comprehensive Suite of Consumer Education Materials for the Mortgage Industry
MINNEAPOLIS – March 12, 2007 – To help mortgage lenders address recent Federal guidance surrounding nontraditional mortgages and better inform their borrowers on the features and terms of these products, Wolters Kluwer Financial Services announced that the company is expanding its comprehensive suite of consumer education materials for the mortgage industry to include interest-only and payment option adjustable rate mortgage (ARM) education materials.
Several federal regulatory agencies issued guidance on Sept. 29, 2006 urging lenders to more thoroughly educate borrowers on the total cost of ownership involved with interest-only and payment option ARMs.
Wolters Kluwer Financial Services translates that guidance into booklets that offer straightforward and specific language that lenders can use with their customers immediately — helping to ensure that both parties understand the features and terms associated with nontraditional loans. These booklets are available in both print and multiple electronic file formats compatible with most loan origination system providers .
“For decades, lenders have come to rely on the compliance expertise and knowledge offered by our VMP Mortgage Solutions product line,” said John Bryant, executive vice president of Banking for Wolters Kluwer Financial Services. “These educational materials are built on that expertise and help lenders ensure their customers understand the features and terms of nontraditional mortgages.”
In addition to Interest-Only and Payment Option ARM booklets, Wolters Kluwer Financial Services will offer the revised Consumer Handbook on Adjustable Rate Mortgages (CHARM) booklet which includes information about interest-only and payment option ARMs. This booklet, required for all adjustable rate mortgages, has a mandatory use date of October 1, 2007.
Wolters Kluwer Financial Services’ complete line of educational materials and disclosures addressing nontraditional mortgages are available in print and electronic file formats compatible with most loan origination system (LOS) providers. The educational materials and disclosures are built upon the decades of experience and knowledge that goes into the company’s VMP Mortgage Solutions product line. Lenders, LOS providers and government agencies have trusted the VMP brand name for best-in-class compliance documentation, technology solutions and services for more than 36 years.
For more information on the company’s consumer educational materials and disclosures addressing nontraditional mortgages, please visit http://www.wolterskluwerfs.com/info/NTMTG/.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization acquired Desert Document Services in February 2007 and Wolters Kluwer Financial Services prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb™ and CCH Wall Street.
Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com .
Contact:
Jennifer Marso
Director of Corporate Communications
612.852.7912
jennifer.marso@wolterskluwer.com
Charles Miller
Senior Public Relations Specialist
320.240.5457
charles.miller@wolterskluwer.com
Angela Peterson
Senior Public Relations Specialist
612.656.7745
angela.peterson@wolterskluwer.com